高盛美股招股说明书(2025-11-20版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction wherethe offer or sale is not permitted. Autocallable Goldman Sachs Momentum BuilderFocus ER Index-Linked Notes The Goldman Sachs Group, Inc. Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, is based onthe performance of the index.Automatic Call:The notes will be automatically called on an annual call payment date if the closing level of the index isgreater thanor equal tothe applicable call level on the related call observation date. The call level increases the longer the notes are outstanding.Interest:The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-12. Key Terms The overall goal of the index is to provide exposure to a daily rebalancing of the combination ofunderlying assets with the strongest historical returns with realized volatility lower than the volatility limitwhile limiting the index’s overall volatility level and reducing exposure to assets that have exhibited the The daily base index return is subject to a deduction equal to the return on the federal fundsrate and, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction onthe full index means that any aggregate exposure to the return-based money market position or thenon-interest bearing cash positions will reduce the index performance on a pro rata basis by 0.65%.Avery significant portion of the index has been, and may be in the future, allocated to the return-based money market position and the non-interest bearing cash positions.For more information about the index, including its fees and deductions, see “Index Summary”.$885 to $925 per $1,000 face amount, which is less than the original issue price. The additional Our estimated value of thenotes on trade date /Additional amount / Additionalamount end date:amount is $and the additional amount end date isNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original IssuePrice Of Your Notes.” The original issue price will be% for certain investors; see "Supplemental Plan of Distribution; Conflicts of Interest" for additionalinformation regarding the fees comprising the underwriting discount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC Pricing Supplement No. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide tosell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdocuments listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set •October 2025 MOBU Focus ER index supplement addendum dated October 24, 2025 •MOBU Focus ER index supplement no. 4 dated October 24, 2025 •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. We have not authorized anyone to provide any information or to make any representations other than those contained inor incorporated by reference in this pricing supplement and the accompany